LAHORE, Jan 3: A new procedure for the issuance of House Building Finance Corporation (HBFC) loans in 15 days was approved at a meeting on Monday. It was also decided to immediately introduce the new system as a pilot project in Gujranwala.

According to the new system, a focal person in each HBFC office would ensure loan sanction by completing the entire process himself, including attestation of copies of the required documents from the revenue and other departments concerned.

The meeting, presided over by Governor Khalid Maqbool, was informed by HBFC chairman HB Qureshi that loans on easy terms would be given to the developers building houses and residential plazas on large scale. The developers having good credit rating could get loans up to Rs50 million.

Citizens up to 60 years of age, professionals like doctors, engineers, lawyers and chartered accountants up to 65 years of age would get HBFC loans, Mr Qureshi said. The meeting also reviewed the proposal to introduce HBFC pass book system in rural areas on the pattern of Zarai Taraqiati Bank.